Cross-JPY and Stock index Nov-2014

Bank of Japan unexpectedly revealed additional QE on the end of last month, and JPY has been massively weaken against most of major currencies while Japanese stock index, Nikkei 225, has gone up.

This QE may have aspect of JPY devaluation. They plan to increase their exposure of ETF and J-REIT in three times scaled pace. Simply say, if they are buying less credit asset by their JPY, value of JPY will be degraded and cross currency against JPY will be relatively going up.

The stock index have gone up in JPY and reached around 1 year high, however the figure does not look so bullish in the stock index converted into USD.


Source)
http://finance.yahoo.com/q/hp?s=%5EN225&a=00&b=4&c=1984&d=10&e=4&f=2014&g=w
http://uk.investing.com/currencies/usd-jpy-historical-data